Advanced Analytics in Indirect Taxation (ADVAIT) data has revealed that 24 large importers have evaded ₹11,000 crore in Integrated Goods and Services Tax (IGST). ADVAIT is a data analytics tool that is used by the Indian government to track and monitor indirect taxes. The tool uses artificial intelligence and machine learning to identify patterns and … Read more
India’s Reserve Bank (RBI) has reported that the country’s service exports have experienced an unprecedented surge of 26.6% in 2022-23, reaching US$ 322 billion. This has brought India’s services exports almost on par with merchandise exports. Let’s read this interesting milestone achieved by businesses in India.. India’s Diverse Services Exports Experience Strong Growth India’s services … Read more
Indian officials have announced that the government will extend the expanded duty remission scheme for exporters beyond the September deadline. This move will provide relief to the pharmaceuticals, steel, and chemicals sectors, which have been facing various challenges recently. Let’s know about the latest updates on the export duty refund scheme further extended. Government Extends … Read more
The coconut industry is an important contributor to the economy of many countries, and the export of coconut products is a significant part of this industry. To ensure the quality and safety of coconut products that are exported, producers and exporters must register with the Coconut Board. In this article, we will provide an overview … Read more
Beginning with a brief explanation of what IEC is and who is required to register under it, we will discuss why it is essential that you renew your registration. Understand the complete process and essential details to renew your IEC Certificate through this article. What exactly is IEC? Any business person or trader who plans … Read more
A coconut business in India is a business that deals with the processing and exporting of coconuts. India is one of the leading producers of coconuts in the world, and the coconut business is an important part of the country’s economy. The coconut business is regulated by the Coconut Development Board (CDB), which is a … Read more
SAFTA stands for South Asian Free Trade Area and includes multiple countries – Afghanistan, Bangladesh, Bhutan, India, the Maldives, Nepal, Pakistan and Sri Lanka. The DGFT provides Indian exporters and importers with a SAFTA License, which is essentially a certificate of origin. The commercial invoice is supplemented by a SAFTA certificate to identify the nation … Read more
Gold is being imported to India for a very long time and in quite a large quantity. The reason is that gold is used in various customs, marriages, traditions as well as investments by the Indians. It is quite a valuable asset. Indians love investing in gold to have a good financial balance. The demand … Read more
According to a notification sent by the Indian government late on Friday, the export restrictions for sugar have been extended by one year, until October 2023. Due to a spike in local prices caused by record exports, the world’s largest sugar producer, India, imposed export restrictions in May that lasted until October 22, 2022. This … Read more
Special Chemicals, Organisms, Materials, Equipment, and Technologies, or SCOMET goods, are dual-use items that have both defense and commercial usage. Exports of commodities on the SCOMET list are subject to India’s Foreign Trade Policy. To export SCOMET, the exporter must first get an IEC Code and license from the Ministry of Commerce’s Directorate General of … Read more